The prospect of hosting the NBA All-Star game in 2020 or 2021 -- which Cleveland was in the running for -- will likely evaporate as the league had stipulated the Cavs hosting the marquee event was contingent on the completion of the $140 million project.

In response: Congresswoman Marcia L. Fudge offered the following statement:

"This is a disappointing day in Cleveland's history. The Q Project would have been very, very good for the city, its neighborhoods and all of its residents.The Greater Cleveland Congregations' opposition to this good project was extremely misguided. I am deeply concerned that this small group of people have derailed the project, along with its thousands of jobs, the extension of the Cavs' lease, and the NBA All-Star week and its projected $100 million economic impact. I am also concerned about the long-term implications of this type of politicking. Their strong-arm tactics have no place in good community organizing, and, to the contrary, could have a chilling effect on future, cooperative economic development efforts in Cleveland."

However, the Cuyahoga County Progressive Caucus offered a differing view on the news:

"The Cuyahoga County Progressive Caucus is very pleased that the Cleveland Cavaliers have decided to cancel the Quicken Loans Arena Renovation Project. Despite their stated reason for the cancellation the real reason is that the citizens of Cleveland spoke loud and clear in their opposition to the project by gathering 13,000 valid signatures to force a referendum on the issue. The Cavaliers, Mayor Jackson and Cleveland City Council all know that the project would have been soundly defeated at the ballot box. This is their way of saving face."